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shakeup in the city-- detroit gets the green light to proceed with an epic bankruptcy. in today's cover story.... the forgotten disaster. why people in the phillipines struggle to get aid to come their way. to spot hidden fees in your bank account... and.... malls of america are back in style. first business starts now! you're watching first business: financial news, analysis, and today's investment ideas. good morning!it's wednesday, december 4th.i'm angela today's first look: stocks lose altitude. the dow is back below 16,000, the nasdaq is nearing 4,000 and the s&p has dropped past 1,800.stocks slipped tuesday as traders took money off the table to pocket gained a couple dollars and oil shot up $3. opec members meet in vienna today for their last session of the year.the big deal there is how members will handle civil issues in lybia, iraq and iran. ex-tyco ceo dennis kozlowski will be set free prison january 17th after spending 8 years behind bars for corporate fraud. and, some abercrombie and fitch shareholders are making a pitch for the re
in 100 cities today in a one day strike. mcdonald's, kfc, pizza hut and taco bell are among the targets. many the employees earn the miniumum wage of $7.25 per hour.that translates into $15,000 per year for full time workers.protesters are demaind $15 dollars per hour-equating to around $30,000. restaurant owners however says they can't raise pay due to weakness in the economy. chuck coppola - picks up the story with more on wage equality.. fast-food workers and others who want their minimum wage jobs to pay more are planning a nationwide strike today. it coincides with our cover story's look at the push to help more americans find jobs that pay enough to support a family. the year-long push for higher wages is gaining support---from san francisco which raised its minimum to 10-55 an hour. to the d.c. council, which is about to send an 11-50 minimum wage bill to washington d.c.'s mayor. wednesday, president obama called income inequality "the defining challenge of our time." "we've got to move beyond the false notion that this is an issue exclusively of minority concern. and we have
wage paychecks protested in cities coast-to-coast. our cover story looks their demands and what industry sources predict where this is all headed. a coalition of fast-food workers and labor organizers led marches in new york, l-a and cities in-between to raise the federal minimum wage far above the current level--7.25 an hour. in chicago, it was the "fight for 15." jessica davis, a single mother of two, makes $8.88 an hour. "there's a bill in congress that would raise it to $10.10. would that do it? no, 15 is what we need to survive." protestors, backed by the service employees international union for the past year, have targeted large corporations, though one of them, mcdonalds says 80% of its fast-food restaurants are franchised. "mcdonald's made $5 billion last year, they have the money. (but most of those aren't corporate run, they're franchised) we're saying the corporation is responsible." "we can't survive on $8.25." the national council of restaurants called the protests, "choreographed street theater directed by big labor." but it is not dismissed by others. "this is th
sales. and building permits are up in boston, new york city, san francisco, austin, houston, oklahoma city and san jose.jed kolko of trulia says this is one lagging area of the recovery that is finally starting to pick up the pace. " construction is still running at about 40% below normal levels. so this boost in new building permits is good news for one area of the housing recovery that's taken longer to recover." on the flip side, permits are down in atlanta, phoenix, las vegas, sacramento, chicago and detroit. and pending home sales are down for the fifth straight month. its deja vu all over again in a corner of the subprime lending market...though this time its small businesses accessing the risky lending pool. called leveraged loans, they allow business with small revenues to borrow big.according to the new york times, lending levels in this subprime segment have surpassed levels seen prior to the 2008 financial crisis. sad to say the u.s. is not the home to the most talented workers in the world ..according to one study. the study by a european business school ranks switzerlan
regulations so far have failed to address the too big too fail problem. the city of l-a is suing wells fargo and citibank for losses during the housing crash. the lawsuit blames the banks for discriminatory mortgage lending that led to foreclosures in minority says banks should reimburse affected cities for lost tax revenue. both banks say the lawsuit is baseless, and that each applicant was treated with the same objective criteria. 20 states are saying no to expanding medicaid under the affordable care act... and a new report shows-- it could costs those states billions. among them, texas which stands to lose nearly $10 billion dollars. according nbc some of the red states are taking a pass out of a desire for less government intervention. under the expansion, the government kick's in 100% of additional costs for medicaid the first 3 years. the aim is making certain low income american's have sufficient health coverage. mcdonald's posted advice on its employee resource website, that could be considered in "bad taste. the helpful hints included: for employees wondering ho
Search Results 0 to 4 of about 5